Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued this statement following the release of the Department of Labor’s proposed rule to protect Americans from conflicts of interest when brokers and other financial advisers give retirement investment advice:
“Today is a day Wall Street hoped would never come: the American people get to see and comment on a rule to end a loophole that has allowed Wall Street to put its self-interest above the best interests of Americans saving for retirement. Today’s proposed rule would end that conflict of interest. That would mean tens of billions of retirement dollars stay in Americans’ pockets and not be moved into Wall Street’s profits. That is why Wall Street will not stop trying to kill the rule it hoped the American people would never see. We applaud the President and the administration, particularly the Department of Labor and the National Economic Council, for rejecting the money, might and lobbying influence of Wall Street and proposing this rule. We will review it carefully and work to make it as strong as possible so that Americas’ families get the unbiased retirement investment advice they have always deserved.”
Better Markets is an independent, nonprofit, nonpartisan organization that promotes the public interest in financial reform in the domestic and global capital and commodity markets. Better Markets advocates for transparency, oversight and accountability with the goal of a stronger, safer financial system that is less prone to crisis and failure thereby eliminating or minimizing the need for more taxpayer funded bailouts. To learn more, visit www.bettermarkets.com.